Podcast
Questions and Answers
Which category of managerial decision making focuses on long-range goals and policies?
Which category of managerial decision making focuses on long-range goals and policies?
- Operational control
- Management control
- Resource allocation
- Strategic planning (correct)
What is an example of semi-structured decision making?
What is an example of semi-structured decision making?
- Inventory control
- Purchasing equipment
- Evaluating employees (correct)
- Developing marketing strategies
Which of the following best describes business intelligence (BI)?
Which of the following best describes business intelligence (BI)?
- Analyses of past business performance to drive immediate actions
- A single software tool for data analysis
- A method of optimizing operational efficiency only
- The infrastructure for data collection and analysis from multiple sources (correct)
Which BI tool is known for its analytics capabilities?
Which BI tool is known for its analytics capabilities?
Which of the following is NOT considered a bi-directional aspect of business intelligence?
Which of the following is NOT considered a bi-directional aspect of business intelligence?
What type of decision making is characterized by executing specific tasks efficiently?
What type of decision making is characterized by executing specific tasks efficiently?
Which analytics tool is specifically called OLAP?
Which analytics tool is specifically called OLAP?
Which of the following terms relates to insights gained from examining past performance?
Which of the following terms relates to insights gained from examining past performance?
What is the primary function of Online Analytical Processing (OLAP)?
What is the primary function of Online Analytical Processing (OLAP)?
Which type of analysis does data mining NOT typically perform?
Which type of analysis does data mining NOT typically perform?
Decision Support Systems (DSS) are primarily used for which of the following?
Decision Support Systems (DSS) are primarily used for which of the following?
What does statistical procedures analysis NOT include?
What does statistical procedures analysis NOT include?
Descriptive analytics primarily aims to achieve which of the following objectives?
Descriptive analytics primarily aims to achieve which of the following objectives?
Which of the following is NOT a type of data mining?
Which of the following is NOT a type of data mining?
Which analysis method is specifically employed to determine unknown variables?
Which analysis method is specifically employed to determine unknown variables?
Which of the following best describes goal-seeking analysis?
Which of the following best describes goal-seeking analysis?
What is a primary characteristic of dashboards?
What is a primary characteristic of dashboards?
What capability allows users to view details at various levels on a dashboard?
What capability allows users to view details at various levels on a dashboard?
Which of the following best describes 'exception reporting'?
Which of the following best describes 'exception reporting'?
What are the three basic roles that managers perform according to Mintzberg?
What are the three basic roles that managers perform according to Mintzberg?
What do key performance indicators (KPIs) represent?
What do key performance indicators (KPIs) represent?
In the context of dashboards, what does 'trend analysis' involve?
In the context of dashboards, what does 'trend analysis' involve?
Which phase of the decision-making process involves selecting among alternatives?
Which phase of the decision-making process involves selecting among alternatives?
What do geographic information systems primarily facilitate?
What do geographic information systems primarily facilitate?
Why do managers require IT support for decision-making?
Why do managers require IT support for decision-making?
Which of the following phases is NOT part of the systematic decision-making process defined by Herbert Simon?
Which of the following phases is NOT part of the systematic decision-making process defined by Herbert Simon?
What is a function of dashboards regarding key performance indicators?
What is a function of dashboards regarding key performance indicators?
How do dashboards assist in analyzing unstructured data?
How do dashboards assist in analyzing unstructured data?
What does 'problem structure' in decision making refer to?
What does 'problem structure' in decision making refer to?
Descriptive analytics primarily focuses on which of the following?
Descriptive analytics primarily focuses on which of the following?
Which of the following is NOT a role listed under the decisional category for managers?
Which of the following is NOT a role listed under the decisional category for managers?
In the context of business analytics, which type predicts outcomes based on historical data?
In the context of business analytics, which type predicts outcomes based on historical data?
What is the primary focus of predictive analytics?
What is the primary focus of predictive analytics?
Which analytics type goes beyond descriptive and predictive models by recommending courses of action?
Which analytics type goes beyond descriptive and predictive models by recommending courses of action?
Which of the following best describes diagnostic analytics?
Which of the following best describes diagnostic analytics?
What type of analysis would an airline use to understand why sales were low in a country?
What type of analysis would an airline use to understand why sales were low in a country?
Which of the following is NOT a field where predictive analytics is commonly applied?
Which of the following is NOT a field where predictive analytics is commonly applied?
What technique would prescriptive analytics likely use to identify the best decision?
What technique would prescriptive analytics likely use to identify the best decision?
What does descriptive analytics primarily use to convey information?
What does descriptive analytics primarily use to convey information?
Which statement about prescriptive analytics is true?
Which statement about prescriptive analytics is true?
Flashcards
Operational Control
Operational Control
Efficiently and effectively executing specific tasks.
Management Control
Management Control
Decisions about acquiring and using resources to meet goals.
Strategic Planning
Strategic Planning
Long-term decisions about organizational goals and growth.
Business Analytics (BA)
Business Analytics (BA)
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Business Intelligence (BI)
Business Intelligence (BI)
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Data Mining
Data Mining
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Multidimensional Analysis (OLAP)
Multidimensional Analysis (OLAP)
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Decision Support Systems
Decision Support Systems
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Business Analytics Process
Business Analytics Process
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Descriptive Analytics
Descriptive Analytics
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Diagnostic Analytics
Diagnostic Analytics
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Predictive Analytics
Predictive Analytics
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Prescriptive Analytics
Prescriptive Analytics
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Manager's Roles
Manager's Roles
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Decision Making Process
Decision Making Process
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Decision
Decision
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OLAP
OLAP
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DSS
DSS
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Statistical Procedures
Statistical Procedures
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Estimation Analysis
Estimation Analysis
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Cluster Analysis
Cluster Analysis
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Classification Analysis
Classification Analysis
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Optimization
Optimization
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Simulation
Simulation
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Decision Trees
Decision Trees
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Dashboards
Dashboards
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Drill Down
Drill Down
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Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs)
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Exception Reporting
Exception Reporting
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Geographic Information Systems (GIS)
Geographic Information Systems (GIS)
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Geocoding
Geocoding
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Dark Analytics
Dark Analytics
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How can dashboards facilitate the analysis of unstructured data?
How can dashboards facilitate the analysis of unstructured data?
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Study Notes
Introduction to Information Systems - Chapter 12: Business Analytics
- This chapter covers business analytics, a crucial aspect of information systems
- Learning objectives include defining and exemplifying descriptive, diagnostic, predictive, and prescriptive analytics, along with presentation tools
- The chapter outlines definitions, concepts, tools, the business analytics process, and presentation tools related to business analytics
Manager's Job and Decision Making
- Managers perform interpersonal, informational, and decisional roles
- Interpersonal: figurehead, leader, liaison
- Informational: monitor, disseminator, spokesperson, analyzer
- Decisional: entrepreneur, disturbance handler, resource allocator, negotiator
- A decision is a choice among alternatives, and decision-making is a systematic process
- Herbert Simon's decision-making process involves intelligence, design, choice, implementation, and evaluation
Why Managers Need IT Support
- The number of alternatives for decisions is growing rapidly
- Decisions often need to be made under time pressure
- Decisions are becoming more complex in nature
- Decision-makers, as well as the information they use, can be dispersed geographically
Framework for Computerized Decision Analysis
- Decisions are categorized based on structure (structured, semi-structured, unstructured) and nature (operational control, management control, strategic planning)
- Structured decisions involve clearly defined procedures, like accounts receivable
- Semi-structured decisions have some predefined procedures and other parts that need to be analyzed, for instance scheduling
- Unstructured decisions lack clear procedures and are often unique, such as selecting a magazine cover
- Different types of decisions need different support tools
Problem Structure
- Decision-making processes vary based on problem structure ranging from highly structured to highly unstructured
- Examples provided include inventory control (structured) and evaluating employees (semi-structured) and new services (unstructured)
Nature of Decisions
- Operational control deals with executing tasks effectively
- Management control involves resource acquisition and utilization for organizational goals
- Strategic planning focuses on long-term goals and resource allocation
Business Intelligence Tools
- Business intelligence (BI) tools collect, store, and analyze data from multiple sources to help strategic decision-making
- Examples of BI tools include SAS, IBM SPSS, SAP BI, and Microsoft Power BI software
Concepts
- Business analytics (BA) uses skills, technologies, and practices to analyze past business performances for insights
- Business intelligence (BI) refers to the infrastructure that collects, stores, and analyzes data from a company's activities; a broad term encompassing business analysis, process analysis, text mining, performance management, and benchmarking
Business Analytics Tools – OLAP
- Online analytical processing (OLAP) is a technology that organizes large business databases and supports complex analysis without impacting transactional systems
- OLAP cubes are multi-dimensional arrays of data enabling complex analytical queries
Business Analytics Tools – Data Mining
- Data mining identifies anomalies, patterns, and correlations in large datasets to predict outcomes.
- Data mining includes various types, such as pictorial, text, social media, web, audio, and video mining
Business Analytics Tools – DSS
- Decision support systems (DSS) are computerized programs that aid in decision-making and action courses by sifting and analyzing massive amounts of data
- Spreadsheets can also be used as DSS
Business Analytics Tools – Statistical Procedures
- Statistical procedures use data to test relationships between two or more data sets
- Techniques include estimation analysis, cluster analysis, and classification analysis
The Business Analytics Process
- The business analytics process involves descriptive, predictive, and prescriptive analytics
- Descriptive analytics examines what has happened (data mining, OLAP, DSS)
- Predictive analytics anticipates future events using historical data (data mining, linear/multiple/logistic regression)
- Prescriptive analytics recommends actions and outcomes based on predictions (optimization, simulation, decision trees)
Diagnostic Analytics
- Diagnostic analytics determines the reasons behind past events (drill-down, data discovery, data mining)
Descriptive vs. Predictive vs. Prescriptive Analytics
- Descriptive analytics describes past performance
- Predictive analytics identifies future trends and outcomes
- Prescriptive analytics suggests best decisions or courses of action
IT's About Business
- The role of IT in integrating UPS operations and how wireless technologies enabled operational improvements through use of information systems
Presentation Tools
- Dashboards provide easy access to timely information and management reports
Dashboard Capabilities
- Drill-down: accessing details at various levels
- CSFs: critical factors for business success
- KPIs: key performance indicators
- Status access: up-to-date data
- Trend analysis: showing short-, medium-, and long-term patterns
- Exception reporting: flagging deviations
Sample Performance Dashboard
- Displays visualizations of website visits, costs, revenues, key performance indicators
Bloomberg Terminal
- An example of a real-time data display platform
Management Cockpit
- Provides an overview of key metrics for efficient decision-making
Geographic Information Systems (GIS)
- GIS provides computer-based systems for capturing, manipulating, and displaying data with maps
- Enables geocoding (assigning geographical locations) for each record
Closing Case: Dark Analytics
- Discussion revolves around how dashboards facilitate the analysis of unstructured data and the types of dark data provided to internet and other IT systems
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Description
This quiz focuses on Chapter 12 of the Introduction to Information Systems, which delves into business analytics. It covers various types of analytics, the business analytics process, and the tools used for presentation. Additionally, the role of managers in decision-making processes is explored, highlighting the need for IT support in those roles.
